Benzinga | Oct 20, 2021 10:12AM EDT

Bitcoin Hits New All-Time High Above $65,000 Level

Bitcoin (CRYPTO: BTC) is up on track after hitting a new all-time high the day after the first United States Bitcoin exchange-traded fund launched following approval by the Securities and Exchange Commission.

According to CoinMarketCap data, Bitcoin is trading at about $66,136 at press time -- the highest price that the coin has ever hit. The previous all-time high was around $64,800 back in April.

Bitcoin is up more than 5% over the last 24 hours, when it was trading at under $63,000.

See Also: 7 Stocks That Could Capitalize On First Bitcoin ETF's Debut

As previously reported, Bitcoin started the latest rally shortly after rumors started circulating the SEC was about to approve a Bitcoin futures ETF for trading on the New York Stock Exchange. One trading day later, Bitcoin started approaching its all-time high as the ProShares Bitcoin Strategy ETF (NYSE:BITO) began trading.

Many believe Bitcoin is headed much higher than that, with some suggesting it's headed for $80,000 to $85,000. Bloomberg analysts are far from being the only ones to have expressed such opinions.

A panel of industry experts believe Bitcoin is headed for $80,000 as well, while a crypto data expert forecasted resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.

Galaxy Digital Holdings Ltd (OTC:BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the cryptocurrency market as a whole to pull off another "parabolic move."